Azerbaijan Central Bank Lowers Inflation Forecast

Azerbaijan's Central Bank has revised its inflation outlook, lowering the forecast for the year to 5.1%. Projections for oil and gas prices for 2024 and 2025 have also been released, with expectations of changing prices per barrel and per thousand cubic metres, respectively.

Azerbaijan's Central Bank has adjusted its annual inflation forecast, reducing it by 0.3% to a new figure of 5.1%, as announced by Bank head Taleh Kazimov at a press briefing on Friday.

In addition to inflation projections, the Central Bank has outlined expected costs for oil and gas towards the end of 2024, estimating oil at $81.4 per barrel and natural gas at $290 per thousand cubic metres.

Looking ahead to 2025, the Bank foresees a slight decrease in oil to $79.2 per barrel, with a corresponding increase in gas prices to $340 per thousand cubic metres, reflecting the fluctuating dynamics of the energy market.

(With inputs from agencies.)